Crypto Industry in India Plans to Form A New Liaison Group

In order to highlight issues with relevant stakeholders, The Indian cryptocurrency industry is looking to create an independent association to liaison with the government on policies.

The Economic Times reported, key stakeholders have engaged in preliminary talks but the association’s establishment is not expected to be soon.

The decision comes after the Blockchain and Crypto Assets Council (BACC), the advocacy body which represents the Indian crypto industry’s interests, was dissolved last week by the Internet and Mobile Association of India (IAMAI), its parent organization.

The Economic Times quoted an unidentified BACC member in its report, “We feel that IAMAI is trying to distance (itself) from crypto as (it) feels the government is not in favor of private digital currencies”. 

Economic Times shared in an IAMAI release said it dissolved BACC as the latter’s endorsement did not align with IAMAI’s long-term objectives

However, IAMAI added that it will continue to support India’s central bank digital currency.

Economic Times quoted an unidentified crypto exchange chief executive officer, that India’s top five crypto firms provided most of the funding to BACC, which was “a costly association and there wasn’t any (return on investment) for an industry which is under severe cost pressure”.